
Nigeria’s headline inflation recorded a marginal increase of 0.20 per cent in December 2024, rising to 34.80 per cent from 34.60 in November 2024, the National Bureau of Statistics (NBS) disclosed in its Consumer Price Index (CPI) and Inflation Report for last month released yesterday.
The report attributed the marginal mark-up in December inflation, to the festive period which attracted increases in demand for goods and services.
On a year-on-year basis, the headline inflation rate was 5.87 percent higher than the rate recorded in December 2023 (28.92 per cent). This shows that the inflation rate (year-on-year basis) increased in December 2024 compared to the same month in the preceding year (i.e. December 2023).
On a month-on-month basis, the headline inflation rate in December 2024 was 2.44 per cent, which was 0.20 per cent lower than the rate recorded in November 2024 (2.64 per cent).
The agency said: “This means that in December 2024, the rate of increase in the average price level is slightly lower than the rate of increase in the average price level in November 2024.”
In the December 2024 CPI report, food inflation was 39.84 per cent on a year-on-year basis, 5.91 per cent points higher than the rate recorded in December 2023 (33.93 per cent). It said the rise in food inflation on a year-on-year basis was caused by increases in the cost of yam, potatoes, beer, pinto (tobacco class), guinea corn, maize grains, rice, bread and cereals and fish.
However, the average annual rate of food inflation for the twelve months ending December 2024 over the previous twelve-month average was 39.12 per cent, which was 11.16 per cent points higher compared with the average annual rate of change recorded in December 2023 (27.96 per cent).
In the category of core inflation, which excludes the prices of volatile agricultural products and energy, it stood at 29.28 per cent in December 2024 on a year-on-year basis; up by 6.21 per cent when com- pared to the 23.06 per cent recorded in December 2023.
The NBS added: “The highest increases were recorded in prices of taxi journey per drop, bus journey intercity, journey by motorcycle, etc., a meal at a local restaurant (accommodation service class), hair cut service, women’s hairdressing, women hair brush etc. (hairdressing salons & personal grooming establishments class), and women handbag, travel bags (medium size), suitcase etc. (ap- pliances, articles and products for personal care class).
“On a month-onmonth basis, the core inflation rate was 2.24 per cent in December 2024. “It stood at 1.83 per cent in November 2024, up by 0.41 per cent. “The average 12-month annual inflation rate was 27.15 per cent for the 12 months ending De- cember 2024, this was 6.39 per cent points higher than the 20.76 per cent recorded in December 2023.”